Bitcoin Price Analysis: The Path to a $115K BTC

Bitcoin is currently consolidating above a key support area, indicating strong buyer interest and the potential for a bullish breakout. If BTC can surpass the $108K resistance, it might initiate a short liquidation cascade, pushing the price toward $115K.

**Technical Analysis**

**The Daily Chart**

Bitcoin’s price is on a bullish path, with the middle trendline of the ascending channel serving as a strong support zone recently. This support has consistently held against price drops, showcasing buyer confidence and renewed demand. After testing this support, Bitcoin rose toward its all-time high of $108K, a critical resistance area with substantial supply and selling pressure. The asset is now consolidating within a narrow range, bounded by the channel’s middle trendline and the static $108K resistance. Since liquidity grabs have occurred above $108K and below $90K, a breakout seems imminent. If bullish momentum increases, surpassing $108K could trigger a sharp rally driven by short liquidations and heightened buying pressure toward $115K.

**The 4-Hour Chart**

In the lower timeframe, BTC’s buyers intervened at the $90K support, preventing further declines. After a liquidity sweep below $90K, Bitcoin climbed toward the $108K resistance zone, where the ascending channel’s middle boundary aligns with its all-time high, reinforcing this level as a major inflection point. The ongoing consolidation at $108K reflects a contest between buyers and sellers, making this region a critical price level. A breakout and consolidation above $108K could indicate a sustained rally toward new all-time highs. However, a rejection at this level might lead to a pullback toward the channel’s lower boundary at $98K.

**Sentiment Analysis**

Bitcoin’s recent uptrend has traders keenly observing if it can break past its all-time high of $108K. The key factor in this potential breakout is whether the market can generate enough momentum to surpass this crucial resistance level. An important on-chain indicator, the funding rates metric, has shown a bearish divergence. While Bitcoin’s price has surged toward its all-time high, funding rates have decreased, indicating weak demand in perpetual markets. This divergence suggests that bullish momentum may not be strong enough to support a breakout. For Bitcoin to decisively breach $108K, funding rates must rise further, signaling increased optimism and a higher influx of long positions. Without this market-wide enthusiasm, the resistance at $108K could hold, potentially leading to consolidation or a temporary setback.

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